Lake Forest Partners 2, Inc v. Department of Treasury

Petitioner appeals as of right the judgment of the Tax Tribunal affirming respondent’s assessment under the State Real Estate Transfer Tax Act (SRETTA), MCL 207.521 et seq. This case addresses the propriety of assessments under the SRETTA for purchase agreements that include both the sale of unim*246proved property and an executory contract to build a home on that property. We conclude that the value of the property for purposes of assessment of the state real estate transfer tax is determined at the time the parties execute the purchase agreement. We reverse and remand.

A. FACTS AND PROCEEDINGS

Thi…